Grove Bank & Trust Has $800,000 Holdings in Medtronic plc (NYSE:MDT)

Grove Bank & Trust raised its position in Medtronic plc (NYSE:MDT) by 7.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 10,017 shares of the medical technology company’s stock after purchasing an additional 704 shares during the period. Grove Bank & Trust’s holdings in Medtronic were worth $800,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Edgestream Partners L.P. acquired a new position in shares of Medtronic in the 2nd quarter valued at about $239,000. AE Wealth Management LLC lifted its stake in Medtronic by 24.7% in the second quarter. AE Wealth Management LLC now owns 9,578 shares of the medical technology company’s stock valued at $754,000 after buying an additional 1,896 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Medtronic by 37.6% during the 2nd quarter. Pacer Advisors Inc. now owns 124,197 shares of the medical technology company’s stock worth $9,776,000 after buying an additional 33,959 shares in the last quarter. Summit Trail Advisors LLC grew its position in shares of Medtronic by 1.2% during the 2nd quarter. Summit Trail Advisors LLC now owns 14,812 shares of the medical technology company’s stock worth $1,176,000 after buying an additional 169 shares during the period. Finally, Ensign Peak Advisors Inc increased its stake in shares of Medtronic by 5.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 388,629 shares of the medical technology company’s stock valued at $30,589,000 after acquiring an additional 21,545 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by company insiders.

Medtronic Trading Up 1.2 %

NYSE:MDT opened at $88.23 on Monday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The firm has a 50-day moving average price of $83.64 and a two-hundred day moving average price of $85.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm has a market cap of $113.13 billion, a price-to-earnings ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the business posted $1.25 earnings per share. Medtronic’s revenue was up 5.2% on a year-over-year basis. On average, equities analysts expect that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MDT shares. Evercore ISI increased their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Citigroup raised their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Truist Financial cut their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.